With over 20 million + NRIs out there, the lack of financial products catering to them is disappointing.
Let me paint a persona: Imagine Nilam, a 30 year old lady living in the UK on a work visa. She’s recently been married and her husband, Naresh, is in the UK as well. The rest of her family are currently in India and, as a couple, they plan to retire in India as well.
Given that she’s an NRI, she would need an NRE/NRO account to manage her remittances to India and income from Indian sources. She owns a house and gets rent but also needs to keep paying her EMIs and maintenance on her house. She relies on companies like TransferWise for her remittance needs but money management via her Indian account is still a hassle. Since her plan is to retire in India, she wants to park some money in Indian MFs/schemes as well.
Can we think of some products for Nilam? Say, an account/card which is compliant with NRE/NRO norms but leaves the overall hassle in the back-end and presents an intuitive interface to her for her financial needs?
Is building for her community going to be on Jupiter’s roadmap in the long term?
I heard that jupiter is targeting salaried users in india first so creating for an NRI won’t be in the immediate roadmap I assume. Can someone from the team confirm ?
@lovloothra To start off with, our account would be open for Citizens of India and are not tax residents of any other country.
But less us keep you posted
And I completely get that this won’t be on the roadmap for a while. But it might be good to keep this audience in mind as well, as there are very few services/products for a large market with a good spending capacity.
I was extremely excited to learn about Jupiter, but then I heard, “It’s not for us!” Very shattering… We are also entity which RBI/Federal Bank should consider and help us to invest in India. Why it has to be so painful for any NRI to think about Money Management in India?
My Request to Jupiter, please focus and push for NRI clients as well, it´ll surely help.
